Loan Modification

Are you behind on your mortgage payments?  Has it been months or even years without making a payment?

Are you in foreclosure?

Have you been served foreclosure papers and are in fear of loosing your home?

Did you know that by filing a Bankruptcy Case you can stop a foreclosure right up to the minute of the sale in most cases.  However, you should never wait to the last minute to do so.  A bankruptcy petition requires a great deal of preparation and work.  If you wish to try to keep your home, you should contact an attorney immediately to discuss whether bankruptcy is right for you.

Did you also know that you may be eligible for a loan modification while your in Bankruptcy.  This may save your home.   We are fortunate that the Bankruptcy Court of the Southern District of New York has an innovative approach to loan modification.

First:  We file a notice and request for a “Loan Modification” (a/k/a “Loss Mitigation”).

Second: We submit for and obtain an Order by the Judge directing the Banks to sit down and negotiate in “good faith” a loan modification.  Although the Government HAMP programs is currently no longer available, the lenders are still offering loan modifications in many situations. HARP. program is still an option for consumer who are current with their mortgage payments.

Some of the programs include the following guidelines.

1.  Take your arrears (back payments) and place them at the back end of the note (a/k/a a balloon note”) and in some cases have a portion of the arrears forgiven.

2.  Bring your property taxes current.

3.  Typically a loan modification reduces your interest rate and typically lowers your monthly mortgage payments.

Although there are no guarantees on success, we have been able to provide loan modification for over 200 homes in your area.